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Horizon Space Acquisition I Corp. (NASDAQ:HSPO), currently trading at $11.71 with a market capitalization of $91.25 million, has announced the extension of its deadline to complete an initial business combination. The Cayman Islands-based company, which operates as a special purpose acquisition company (SPAC), disclosed this development in a recent SEC filing. According to InvestingPro data, the company maintains a relatively low correlation with broader market movements, as indicated by its beta of -0.02.
The filing indicated that the company had until February 27, 2025, to finalize its initial business combination, as per its amended and restated memorandum and articles of association. However, the company was able to secure an extension until March 27, 2025, by fulfilling certain conditions.
To facilitate the extension, a Monthly Extension Fee of $120,000 was deposited into the company’s trust account on Monday. This payment was made by Squirrel Enlivened (Hong Kong) Technology Limited, a party to the Business Combination Agreement dated September 16, 2024. InvestingPro analysis reveals that the company’s current ratio of 0.09 suggests tight liquidity, with short-term obligations exceeding liquid assets. The agreement is part of a proposed business combination involving Horizon Space Acquisition I Corp. and several entities collectively referred to as the Squirrel Companies.
In connection with the extension fee payment, Horizon Space Acquisition I Corp. issued an unsecured promissory note to Squirrel Enlivened (Hong Kong) Technology Limited for the same amount. This note bears no interest and is due on the earlier of the consummation of the company’s business combination or the expiration of the company’s term.
The filing also included forward-looking statements concerning the proposed business combination and the anticipated benefits. It highlighted that the merger is subject to various conditions and approvals, and there can be no assurance that the transaction will be completed as planned.
Investors and security holders are advised to read the forthcoming proxy statement/prospectus and other relevant documents filed with the SEC for more detailed information about the business combination and the parties involved. For comprehensive financial analysis and additional insights, investors can access more than 8 exclusive ProTips and detailed financial metrics through InvestingPro, including the company’s Fair Value estimate and financial health score of 2.46.
This report is based on a press release statement and contains no endorsements or subjective assessments. It aims to provide a clear and factual account of Horizon Space Acquisition I Corp.’s announcement regarding the extension of its merger deadline and the related financial arrangements.
In other recent news, Horizon Space Acquisition I Corp. has issued a $300,000 promissory note to its sponsor, Horizon Space Acquisition I Sponsor Corp., to support its working capital needs as it seeks to complete an initial business combination. This unsecured note, issued without interest, is part of the company’s strategy to secure necessary capital for its operations. Additionally, Horizon Space has extended its deadline for completing the business combination with Squirrel Enlivened Technology Co., Ltd and its subsidiaries, thanks to a $120,000 deposit made by Squirrel Enlivened (Hong Kong) Technology Limited. This extension moves the deadline to February 25, 2025, providing the company additional time to finalize the merger.
In a related move, the company has amended its Trust Agreement and Charter, allowing for a potential extension of the liquidation deadline by up to twelve months, until December 27, 2025. This decision was made following a shareholder meeting, where the company also announced that Angel Colon was re-elected as a Class I director, and UHY LLP was ratified as the independent registered public accounting firm. Furthermore, Horizon Space has issued an unsecured promissory note to Shenzhen Squirrel Enlivened Media Group Co., Ltd, enabling a one-month extension for the merger deadline. These developments highlight Horizon Space’s ongoing efforts to complete its business combination and secure its future operations.
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